【CFA Japan Seminar Announcement】
Title: Active bond management, negative interest rates, liquidity, and the myth of macro-prudential risk management
You've got to be very careful if you don't know where you are going, because you might not get there. ----Yogi Berra
Date: December 3rd (Tuesday), 2019, 18:30-20:00
Venue: Conference A, Otemachi Place Conference Center, 1st Floor, Otemachi Place, 2-3-1 Otemachi, Chiyoda-ku, Tokyo
※Please note the seminar venue is NOT FINE TOKYO at this time. Otemachi Place is 1 minute walk from A5 Exit of Otemachi Station of Tokyo Metro Subway.
*Otemachi Place is a new building that is 1 minute walk to cross the street from FINE TOKYO.
Topics: Fixed Income Investments, Economics (CE credit eligible)
Speaker: Mr. Laird R. Landmann (Group Managing Director, Co-Director Fixed Income, TCW)
Fee: CFA Japan Members, CFA Members of other societies, Associate Members, Professional Members：Free,
Candidate Non Members: JPY 2,000
Non-members: JPY 3,000
- Current policy objectives in the developed world and recent changes to the monetary policy framework including recent acceleration towards inflation targeting by central banks.
- Current negative interest rates implications and potential policy implications going forward.
- Overall Marco prudential framework and its implications for asset prices, credit conditions and active management going forward.
- Potential fixes for what is perceived as the economic problems (lack of inflation, wages and growth).
- Fundamentals of demographics, technological change, global trade and other forces aligned against current policy goals.
- Potential side effects of the conflict between fundamental economic shifts and policy changes.
- How these forces have and will:
Impact active management
Change credit conditions
CLOs and leveraged finance - a virtuous or vicious cycle?
Create misperceptions around liquidity and creditworthiness in the markets
Shape the tone of the next deleveraging
Mr. Landmann is a Generalist Portfolio Manager in the Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the TCW and Metropolitan West Mutual Funds. Mr. Landmann currently co-manages many of TCW and MetWest's mutual funds, including the MetWest Total Return Bond Fund, the MetWest High Yield Bond Fund and the TCW Core Fixed Income Fund, and leads the fixed income group's risk management efforts. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business..
If you wish to attend this seminar, please register via website.
CFA Society Japan